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Corporate Governance

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In brief Over the last few months, the United Arab Emirates (UAE) have made a few legislative changes in relation to the Ultimate Beneficial Ownership (UBO) regulations as well as the associated administrative penalties, with the issuance of: Cabinet Resolution No. 109 of 2023 on the Regulation of the Real Beneficiary Procedures (the “New Resolution”), which came into effect on 16 November 2023 and superseded Cabinet Resolution No. 58 of 2020. The New Resolution applies…

On 19 January 2023, the new Companies Law entered into force following the conclusion of the 180-day publication period, enacted by Cabinet Resolution No. 678 dated 29/11/1443H (corresponding to 28/06/2022) and ratified by Royal Decree No. M/132 dated 01/12/1443H (corresponding to 30/06/2022) (“New Companies Law”). The New Companies Law represents the first wholesale revision of the law since 2016 and implements a broad range of changes intended to reflect international practices and foster the growth…

In brief The UAE has introduced a number of new welcome legislative changes to mark the UAE’s 50th anniversary, with the aim of solidifying the country’s position as a global trade and commercial hub. Among these changes is the issuance of Federal Law by Decree No. 32 of 2021 on Commercial Companies (“New Law”), which has now come into force last 2 January 2022. This alert serves as a reminder to all companies incorporated in…